After all the regulatory challenges and temporary bans, it’s natural to wonder: Is Binance safe in India?
This concern matters, after all, it’s about your hard-earned money.
If you’re considering investing in cryptocurrency through Binance, take a moment to assess whether the platform remains reliable in India and whether there are any warning signs of fraud or scams.
Let’s break it down so you can make an informed decision.
Binance Review
So, what exactly is Binance?
It is the biggest and most popular crypto exchange globally. It is famous for its numerous features and very low trading fees.
Binance provides the trading of hundreds of different cryptocurrencies, advanced trading tools, as well as various financial products such as staking and futures.
It is also well-known for having very low trading fees, particularly when there are discounts for the use of Binance Coin (BNB).
Is Binance Legal in India?
No doubt, it is one of the most popular exchanges, but is it legal in India?
Checking data and history, “Binance is registered with FIU-IND”.
Well, this is partly true, but the timeline matters.
Back in June 2024, FIU-IND actually took action against Binance and imposed a penalty for non-compliance.
Later, Binance announced that it had completed the requirements and was now registered with FIU-IND.
So yes, enforcement happened first, and the registration came afterward, so as an investor, both points are important for you to understand before taking any further decisions.
Binance P2P Scams in India
Despite Binance’s strong platform security, P2P trading poses extreme risks for Indian users.
A sophisticated scam ecosystem has resulted in frozen bank accounts of innocent traders who believed the brand and followed certain channels and websites without proper verification.
Modus Operandi of Binance P2P Scam
A scammer from Binance named Suraj (name changed) uses stolen banking credentials to transfer money to a P2P seller in exchange for cryptocurrency.
The original victim, Aradhya (name changed), whose account was used, files a cybercrime complaint.
Police then freeze the P2P seller’s bank account, even though the seller did not know about the fraud.
Many scammers are also running fake Telegram channels in the name of Binance.
They steal user data through fake crypto-centred Telegram channels promising high profits or airdrops, buy or steal personal banking information for 1,500 rupees, then create P2P accounts on platforms like Binance to scam unsuspecting sellers.
Here are the screenshots for your referral:
Binance Real-life Scam Cases
Here are the real case studies of the Binance P2P scam.
Case Study 1: Ajay’s ₹47,000 Frozen Across Multiple Accounts
Ajay, a regular Binance P2P user, did a few trades in November 2024.
Months later, ₹47,000 across his bank accounts were frozen when the cybercrime cell discovered two cases: one in Punjab and the other in Chhattisgarh
The accounts were linked to his accounts after he unknowingly received scam money through P2P buyers.
Case Study 2: Rohit’s ₹2.3 Lakh Legal Battle
Rohit, a freelancer from Bengaluru, had ₹2.3 lakh frozen after selling USDT via Binance P2P when the buyer was involved in a job scam reported in Mumbai.
Through legal intervention by Advocate Ayush Garg with a court petition and transaction history, the court allowed withdrawal of ₹1 lakh within 21 days and the rest after investigation clearance.
How to Report Trading Scams?
If you have been scammed in Binance P2P or another similar scam, then take action right away:
Step 1: Gather Evidence
Essential documentation needed:
- P2P chat screenshots from Binance
- Transaction IDs and blockchain records
- Bank statements showing transaction flow
- KYC documents matching the payment sender
- Binance order completion confirmations
Step 2: Contact Your Bank (Within 24 Hours)
Visit your bank branch and ask the manager for the reason for the freeze, requesting a copy of the freeze letter, FIR number, police station name, and Investigating Officer details.
Step 3: File a cyber crime complaint
Get case details, complaint number, and the investigating officer’s information
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